Home sales in Peoria up 12.3% in 2021, local realtors predict same trend for 2022

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"There's still a lot more buyers than houses available."

FILE – In this Wednesday, July 5, 2017, file photo, a sold sign is displayed in front of a house in Sacramento, Calif. U.S. long-term mortgage rates hovered near all-time lows for the third straight week amid fresh signs of severe damage to the economy and the housing market from the shutdown spurred by the coronavirus pandemic. Mortgage buyer Freddie Mac says on Thursday, April 16, 2020, the average rate on the benchmark 30-year home loan slipped to 3.31% this week from 3.33% last week. (AP Photo/Rich Pedroncelli, File)

CORRECTION: An earlier version of this story contained incorrect information about the price of homes in Peoria. Home sales, not the price of homes, went up 12.3%, and the story has been corrected. We apologize for the error.

PEORIA, Ill. (WMBD) — In 2021 Peoria saw a 12.3% increase in home sales according to the Peoria Area Association of Realtors.

“It’s going to be a great year for sellers and for buyers, it’s just going to be competitive,” The president of the Peoria Area Association of Realtors, Ryan Cannon said.

Cannon said this year they surpassed a record high of $1 billion in sales. They sold more than 7,000 homes in 2021 that’s more than they ever have before. Cannon said the demand is high, but there are not enough homes on the market.

“Prior to 2020 approximately 2000 homes were on the market… right now we are right under 800,” said Cannon.

Homes were also selling faster in 2021. The average time a home was on the market dropped from 89 days to 59 days, according to PAAR.

With higher demand and fewer homes, prices are going up, but the question is why is the demand high now?

“We have a lot of people who maybe haven’t bought their whole life that maybe grew up in the housing recession in 2008, but I think a lot of people are realizing the value of homeownership,” said Cannon.

According to the U.S. Bureau of Labor Statistics, the average median home is $353,900. Here in Peoria, the average in 2021 at PAAR was just under $155,000.

“Well that’s the crazy thing, when you look at what you are paying here in rent versus what you can actually afford to buy in a place like Peoria, sometimes it becomes a no-brainer,” said Cannon.

The Vice President of Jim Maloof Realty, Liz Blumenshine, said it’s why more people are moving to Central Illinois and gaining interest.

“We get calls from all over the United States of people wanting to invest in Peoria,” said Blumenshine.

Blumenshine said the time to act is now.

“We saw more multiple offers than we’ve ever seen in this area, and I think that’s true across the United States,” said Blumenshine.

Jim Maloof Realty did not have its 2021 numbers available as of Jan. 12.

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